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Deerfield Capital Corp. Announces Second Quarter 2010 Results
16 Aug, 2010 @ 04:01 pm EDT
CHICAGO, Aug. 16 /PRNewswire-FirstCall/ -- Deerfield Capital Corp. (Nasdaq: DFR) ("DFR" or the "Company") today announced its results of operations for the second quarter ended June 30, 2010.
Second Quarter 2010 Highlights
-- Net income attributable to DFR for the quarter totaled $17.9 million, or
$2.25 per diluted common share, compared to $52.9 million, or $7.85 per
diluted common share, for the second quarter of 2009. A significant
portion of 2010 net income was derived from the early extinguishment of
our Senior Notes (defined below) at a discount. A significant portion of
2009 net income related to the deconsolidation of Market Square CLO
(defined below) and its net gains prior to deconsolidation. Both were
one time events. (see "Second Quarter 2010 Financial Overview" below).
-- DFR Operations (defined below) net revenues were $13.2 million for the
quarter, an increase of $9.9 million or 300 percent, compared with the
second quarter of 2009. Investment advisory fees were $7.0 million for
the quarter, an increase of $3.0 million, or 75 percent, compared with
the second quarter of 2009. CDO management fees represent the majority
of this increase totaling $6.8 million in the second quarter, an
increase of $3.1 million or 84 percent from the second quarter of 2009.
-- Core earnings for the quarter totaled $6.4 million, or $0.74 per diluted
common share, compared to $5.5 million, or $0.82 per diluted common
share, for the second quarter of 2009. Core earnings is a non-GAAP
financial measure that primarily reflects GAAP earnings excluding
certain non-cash items, non-recurring items, special charges and income
tax effects (see "Reconciliation of Non-GAAP Measure" below).
-- On June 9, 2010, the Company completed several key strategic
transactions, including the acquisition of Columbus Nova Credit
Investments Management, LLC, an investment manager specializing in bank
loans (the "CNCIM Acquisition"), and the issuance of $25.0 million
principal amount of senior subordinated convertible notes (the
"Convertible Notes"). The Company used the proceeds from the issuance
of the Convertible Notes, along with available cash, to retire all of
the $73.9 million in principal amount of the outstanding Series A and
Series B Senior Secured Notes issued by Deerfield & Company LLC (the
"Senior Notes") for $55.0 million (the "Senior Notes Discharge").
-- Assets under management ("AUM") totaled $10.1 billion as of July 1,
2010.
Second Quarter 2010 Financial Overview
Discussing the quarter and the CNCIM Acquisition, Jonathan Trutter, the Company's Chief Executive Officer said, "We made significant improvements to our capital structure and continued to generate increased positive core earnings during the quarter. The CNCIM Acquisition and related strategic transactions provide us with both a stronger balance sheet and increased future top line revenue from the increase in AUM. Taken as a whole, these transactions position DFR well for future growth. Operating results also benefited from significant improvements in investment advisory fees."
On June 9, 2010, the Company completed the CNCIM Acquisition, and the discussion below includes the operating results of CNCIM since that date.
On January 1, 2010, pursuant to a new accounting standard, the Company was required to consolidate the results of seven collateralized debt obligations ("CDOs") managed by the Company. Upon completion of the CNCIM Acquisition, the Company was also required to consolidate the four CDOs managed by CNCIM (along with the seven CDOs previously consolidated, the "CIP CDOs"). Although the Company now consolidates the CIP CDOs into its financial results in the Consolidated Investment Products segment, there have been no changes to the terms of the Company's management contracts with the CIP CDOs, the revenues the Company is contractually entitled to receive from the CIP CDOs or the Company's exposure to liability with respect to the CIP CDOs. The discussion below focuses on "DFR Operations" (see "Segment Condensed Statement of Operations" table), which represents the combined results of the Investment Management and Principal Investing segments. This is the metric that the Company uses to evaluate its financial results. The DFR Operations results are comparable to the Company's consolidated GAAP results for periods prior to 2010 during which the Company was not required to consolidate the CIP CDOs.
DFR Operations
During the three months ended June 30, 2010, net revenues were $13.2 million, a net increase of $9.9 million, or 300.0 percent, as compared to the three months ended June 30, 2009. This significant improvement is the result of an $8.8 million decrease in the provision for loan losses and a $3.0 million increase in investment advisory fees, partially offset by a $2.0 million decrease in net interest income.
Investment advisory fees were $7.0 million for the three months ended June 30, 2010, an increase of $3.0 million, or 75.0 percent, as compared to the three months ended June 30, 2009. The increase in investment advisory fees is primarily attributable to an increase in subordinated management fees as certain of the Company's collateralized loan obligations ("CLOs") have resumed current payment of subordinated management fees and begun to pay previously deferred subordinated management fees. As of June 30, 2010, the Company's CLOs had unrecognized deferred subordinated management fees totaling approximately $5.8 million.
Net interest income was $6.4 million for the three months ended June 30, 2010, a decline of $2.0 million, or 23.8 percent, as compared to the second quarter of 2009. This decline is primarily the result of the deconsolidation of Market Square CLO Ltd. ("Market Square CLO") which contributed $1.8 million to net interest income during the second quarter of 2009.
During the three months ended June 30, 2010, expenses decreased by $1.5 million, as compared to the three months ended June 30, 2009. This decrease was primarily driven by a $3.4 million decrease in other general and administrative expenses, partially offset by an increase in professional services of $1.2 million and depreciation and amortization of $1.4 million. The decrease in other general and administrative expenses is primarily the result of $3.3 million in one-time Deerfield Pegasus Loan Capital LP ("DPLC") structuring and organizational expenses incurred in the second quarter of 2009.
During the three months ended June 30, 2010, net other income (expense) and gain (loss) decreased by $43.7 million, as compared to the three months ended June 30, 2009. This decrease is primarily related to Market Square CLO, and includes a $29.6 million gain on the deconsolidation of Market Square CLO on June 30, 2009 and $24.9 million of net gains in the 2009 quarter on the Company's loan portfolio (principally loans held in the Market Square CLO prior to the deconsolidation). In addition, the three months ended June 30, 2010 included a $17.4 million gain related to the Senior Notes Discharge.
Assets Under Management
As of July 1, 2010, the Company's AUM totaled approximately $10.1 billion held in 31 CDOs, DPLC and six separately managed accounts.
Principal Investing Portfolio
The Principal Investing segment's total invested assets increased by $11.3 million, or 1.9 percent, to $605.5 million as of June 30, 2010, as compared to March 31, 2010. The increase was primarily attributable to net purchases of loans and corporate bonds held in DFR Middle Market CLO Ltd. ("DFR MM CLO") of $10.9 million. Residential mortgage-backed securities ("RMBS") net purchases and increases in the fair value of the RMBS holdings contributed $2.5 million to the increase. These increases were partially offset by the sale of loans held in DPLC of $1.7 million.
Liquidity
Unencumbered RMBS and unrestricted cash and cash equivalents aggregated $45.0 million at June 30, 2010. In addition, net equity in the financed RMBS portfolio (including associated interest rate swaps), excluding the unencumbered RMBS included above, totaled $15.9 million at quarter end. In total, the Company had unrestricted cash and cash equivalents, unencumbered RMBS and net equity in its financed RMBS portfolio of $60.9 million as of June 30, 2010.
Strategic Transactions
On June 9, 2010, the Company completed the CNCIM Acquisition. The Company acquired all of the outstanding equity interests of Columbus Nova Credit Investments Management, LLC ("CNCIM"), an investment manager specializing in bank loans with $1.8 million of AUM, from Bounty Investments, LLC ("Bounty") for a total purchase price consisting of (i) the issuance of 4,545,455 shares of the Company's common stock and (ii) deferred cash payments totaling $7.5 million payable in five equal annual installments beginning on December 9, 2010.
On June 9, 2010, in connection with the CNCIM Acquisition, Bounty purchased $25.0 million in aggregate principal amount of the Convertible Notes, convertible into 4,132,231 shares of the Company's common stock (as such amount may be adjusted in certain events or increased in connection with the payment of interest-in-kind) at an initial conversion price of $6.05 per share, subject to adjustment.
On June 9, 2010, the Company completed the Senior Notes Discharge by paying the holders of the Senior Notes $55.0 million, plus accrued interest. This transaction resulted in a $17.4 million gain.
About the Company
DFR, through its subsidiaries Deerfield Capital Management LLC and CNCIM, manages client assets, including bank loans and other corporate debt, RMBS, government securities and asset-backed securities. In addition, DFR has a principal investing portfolio comprised of fixed income investments, including bank loans and other corporate debt and RMBS.
For more information, please go to the Company's website, at
www.deerfieldcapital.com.
* * Notes and Tables to Follow * *
NOTES TO PRESS RELEASE
----------------------
Certain statements in this press release are forward-looking as permitted by the Private Securities Litigation Reform Act of 1995. These include statements regarding future results or expectations. Forward-looking statements can be identified by forward looking language, including words such as "believes," "anticipates," "expects," "estimates," "intends," "may," "plans," "projects," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made. Forward-looking statements are also based on predictions as to future facts and conditions, the accurate prediction of which may be difficult and involve the assessment of events beyond the control of the Company. Forward-looking statements are further based on various operating assumptions. Caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from expectations or projections. Forward-looking statements contained in this press release are made as of the date hereof, and the Company does not undertake any obligation to update any forward-looking statement to reflect subsequent events, new information or circumstances arising after the date of this press release. All future written and oral forward-looking statements attributable to us or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements contained or referenced above. In addition, it is the Company's policy generally not to make any specific projections as to future earnings, and the Company does not endorse any projections regarding future performance that may be made by third parties.
The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: general economic and market conditions, particularly as they relate to the markets for debt securities, such as RMBS and CDOs; continued availability of financing and the Company's ability to access capital markets on commercially reasonable terms; the Company's ability to maintain adequate liquidity; the Company's ability to maintain compliance with its existing debt instruments and other contractual obligations; impact of restrictions contained in the Company's existing debt instruments; the Company's future operating results; the Company's business prospects and the business prospects of companies in which the Company invests; changes in the Company's investment, hedging or credit strategies or the performance and values of the Company's investment portfolios; reductions in the Company's assets under management and related management and advisory fee revenue; the Company's ability to make investments in new investment products and realize growth of fee-based income; the Company's receipt of previously deferred CDO subordinated management fees and its receipt of future CDO subordinated management fees on a current basis; the Company's ability to assume or otherwise acquire additional CDO management contracts on favorable terms, or at all; the Company's ability to maintain its exemption from registration as an investment company pursuant to the Investment Company Act of 1940; the costs and effects of the current Securities and Exchange Commission ("SEC") investigation into certain mortgage securities trading procedures in connection with which the SEC has requested information from the Company and Deerfield Capital Management LLC regarding certain of the Company's mortgage securities trades; changes in, and the ability of the Company to remain in compliance with, laws, regulations or government policies affecting the Company's business, including investment management regulations and accounting standards; and the Company's failure to realize the expected benefits of the CNCIM Acquisition.
These and other factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements set forth in the Company's annual report on Form 10-K for the year ended December 31, 2009, quarterly reports on Form 10-Q and other public filings with the SEC and public statements. Readers of this press release are cautioned to consider these risks and uncertainties and not to place undue reliance on any forward-looking statements.
DEERFIELD CAPITAL CORP. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, March 31, June 30,
2010 2010 2009
---- ---- ----
(In thousands, except share and per
share amounts)
------------------------------------
ASSETS
Cash and cash
equivalents $42,963 $36,289 $41,846
Due from
broker 27,489 5,021 3,621
Restricted
cash and cash
equivalents 10,456 29,451 27,201
Investments at
fair value,
including
$293,293,
$285,799 and
$309,278
pledged 319,717 313,230 318,310
Other
investments 1,412 1,345 4,780
Derivative
assets 29 26 61
Loans held for
sale 109 517 9,363
Loans held for
investment 281,582 276,609 309,021
Allowance for
loan losses (13,055) (12,764) (28,589)
------- ------- -------
Loans held for
investment,
net of
allowance for
loan losses 268,527 263,845 280,432
Investment
advisory fee
receivables 1,226 1,154 2,009
Interest
receivable 3,786 3,208 3,287
Other
receivable 4,502 28,426 1,264
Prepaid and
other assets 7,851 8,220 8,410
Equipment and
improvements,
net 1,857 2,368 8,498
Intangible
assets, net 29,398 19,781 25,558
Goodwill 10,410 - -
Assets held in
Consolidated
Investment
Products:
Due from
broker 22,252 10,746 -
Restricted
cash and cash
equivalents 141,746 160,392 -
Investments at
fair value 3,781,592 2,199,578 -
Derivative
assets 27 25 -
Interest
receivable 13,627 10,111 -
Other
receivable 2,726 2,496 -
Total assets
held in
Consolidated
Investment
Products 3,961,970 2,383,348 -
--------- --------- ---
TOTAL ASSETS $4,691,702 $3,096,229 $734,640
========== ========== ========
LIABILITIES
Repurchase
agreements $282,246 $277,623 $294,470
Due to broker 38,343 16,904 1,800
Derivative
liabilities 10,381 236 953
Redemptions
payable - 9,145 -
Interest
payable 922 647 1,661
Accrued and
other
liabilities 16,276 4,276 4,210
Long term debt 354,593 410,524 427,530
Liabilities
held in
Consolidated
Investment
Products:
Due to broker 48,979 59,328 -
Derivative
liabilities 5,709 10,472 -
Interest
payable 5,673 3,451 -
Long term debt 3,494,410 2,069,394 -
Total
liabilities
held in
Consolidated
Investment
Products 3,554,771 2,142,645 -
--------- --------- ---
TOTAL
LIABILITIES 4,257,532 2,862,000 730,624
--------- --------- -------
STOCKHOLDERS'
EQUITY
Preferred
stock, par
value $0.001:
100,000,000
shares
authorized;
14,999,992
shares issued
and zero
outstanding - - -
Common stock,
par value
$0.001:
500,000,000
shares
authorized;
11,000,812,
6,455,357 and
6,455,466
shares issued
and
11,000,812,
6,455,357 and
6,454,924
shares
outstanding 11 6 6
Additional
paid-in
capital 886,890 867,095 866,534
Accumulated
other
comprehensive
loss (110) (110) (49)
Accumulated
deficit 401,722 (877,292) (879,648)
Appropriated
retained
earnings of
Consolidated
Investment
Products (859,435) 235,455 -
Noncontrolling
interest in
consolidated
entity 5,092 9,075 17,173
----- -----
TOTAL
STOCKHOLDERS'
EQUITY 434,170 234,229 4,016
------- ------- -----
TOTAL
LIABILITIES
AND
STOCKHOLDERS'
EQUITY $4,691,702 $3,096,229 $734,640
========== ========== ========
DEERFIELD CAPITAL CORP. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended
------------------
June 30, March 31, June 30,
2010 2010 2009
--------- ---------- ---------
(In thousands, except share and per
share amounts)
------------------------------------
Revenues
Interest income $37,183 $31,502 $14,098
Interest expense 8,272 7,694 5,666
----- ----- -----
Net interest
income 28,911 23,808 8,432
Provision for loan
losses 291 4,186 9,119
--- ----- -----
Net interest
income (expense)
after
provision for loan
losses 28,620 19,622 (687)
Investment
advisory fees 3,782 2,896 4,009
----- ----- -----
Total net revenues 32,402 22,518 3,322
------ ------ -----
Expenses
Compensation and
benefits 3,077 2,841 3,029
Professional
services 2,096 824 728
Insurance expense 752 692 771
Other general and
administrative
expenses 1,693 1,911 4,814
Depreciation and
amortization 3,025 5,738 1,629
Occupancy 386 490 569
Management and
incentive fee
expense to
related party - - 295
Cost savings
initiatives - - 28
Impairment of
intangible assets - 168 126
--- --- ---
Total expenses 11,029 12,664 11,989
------ ------ ------
Other Income
(Expense) and
Gain (Loss)
Net gain (loss) on
investments,
loans,
derivatives and
liabilities (27,925) (12,736) 29,030
Strategic
transactions
expenses (2,558) (1,464) -
Net gain on the
discharge of the
Senior Notes 17,418 - -
Net gain on the
deconsolidation
of Market Square
CLO - - 29,551
Other, net (920) 1,046 152
Net other income
(expense) and
gain (loss) (13,985) (13,154) 58,733
------- ------- ------
Income (loss)
before income tax
expense 7,388 (3,300) 50,066
Income tax expense 2 - 160
--- --- ---
Net income (loss) 7,386 (3,300) 49,906
Net loss
attributable to
noncontrolling
interest and
Consolidated
Investment
Products 10,471 3,163 2,960
Net income (loss)
attributable to
Deerfield Capital
Corp. $17,857 $(137) $52,866
======= ===== =======
Net income (loss)
attributable to
Deerfield Capital
Corp .
per share -basic $2.26 $(0.02) $7.85
Net income (loss)
attributable to
Deerfield Capital
Corp.
per share -
diluted $2.25 $(0.02) $7.85
WEIGHTED-AVERAGE
NUMBER OF SHARES
OUTSTANDING -
BASIC 7,883,912 6,763,098 6,730,655
WEIGHTED-AVERAGE
NUMBER OF SHARES
OUTSTANDING -
DILUTED 7,944,180 6,763,098 6,730,655
DEERFIELD CAPITAL CORP. AND ITS SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURE
The Company believes that core earnings, a non-GAAP financial measure, is a useful metric for evaluating and analyzing its performance. The calculation of core earnings, which the Company uses to compare financial results from period to period, eliminates the impact of certain non-cash items, non-recurring items, special charges and income tax. Core earnings provided herein may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure and may therefore be defined differently by other companies. Core earnings include the earnings from the Company's indirect wholly-owned subsidiaries, DFR MM CLO and Market Square CLO (until the Company sold all of its preference shares in and deconsolidated Market Square CLO as of June 30, 2009). Core earnings are not necessarily indicative of cash flows received from these entities.
Core Earnings
The table below provides reconciliation between net income (loss) and core earnings:
Three months ended
------------------
March 31, June 30,
June 30, 2010 2010 2009
------------- ---------- ---------
(In thousands, except share and per share
amounts)
------------------------------------------
Net income (loss) $7,386 $(3,300) $49,906
Adjusting items:
Provision for loan
losses 291 4,186 9,119
Depreciation and
amortization 3,025 5,738 1,629
Impairment of
intangible assets - 168 126
Net other income
(expense) and gain
(loss) (1) 14,430 12,709 (58,733)
Income tax expense 2 - 160
Noncontrolling
interest and
Consolidated
Investment
Products core
earnings (2) (18,729) (15,575) 3,297
Warrant expense - 529 -
Cost savings
initiatives 28
Core earnings $6,405 $4,455 $5,532
====== ====== ======
Core earnings per
share -diluted $0.74 $0.66 $0.82
Weighted-average
number of shares
outstanding -
diluted (3) 8,943,181 6,769,848 6,730,655
The core earnings adjustment for net other income (expense) and gain
(loss) for the three months ended June 30, 2010 includes $0.4 million
in strategic transactions expenses related to the three months ended
March 31, 2010, which should have been included as an adjustment to
core earnings in that period. Additionally, core earnings for the
three months ended March 31, 2010 exclude $0.4 million of loss on
investments at fair value that should have been an adjustment to core
(1) earnings in that period.
Noncontrolling interest and Consolidated Investment Products core
earnings is comprised of (i) the portion of net interest income and
expenses of DPLC that are attributable to third party investors in
DPLC, calculated using each investor's ownership percentage in DPLC
during the measurement period, and (ii) the portion of net interest
income and expenses of the CIP CDOs that are consolidated but are
(2) attributable to third party investors in the CIP CDOs.
For the three months ended June 30, 2010, the Company utilized the
fully-diluted share number of 8,943,181 in the computation of the
diluted core earnings per share, which includes the dilutive impact
of 250,000 in outstanding warrants and the Convertible Notes. In
addition, interest expense on the Convertible Notes of $0.2 million
was added back to core earnings for the three months ended June 30,
2010 to calculate diluted earnings per share under the if-converted
method. For the three months ended March 31, 2010, the Company
utilized the fully-diluted share number of 6,769,848 in the
computation of diluted core earnings per share which includes the
(3) dilutive impact of 250,000 in outstanding warrants.
The Consolidated Investment Products segment includes the results of CIP CDOs. DFR MM CLO is not included in the Consolidated Investment Products segment, but instead is included in the Principal Investing segment because the Company owns all of its preferred shares. The assets of the CIP CDOs are held solely to satisfy the obligations of the CIP CDOs. The Company has no right to the benefits from, nor does the Company bear the risks associated with, the assets held by the CIP CDOs, beyond the Company's minimal direct investments in, and management fees generated from, the CIP CDOs. If the CIP CDOs were to liquidate, the assets would not be available to the general creditors of DFR, and as a result, the Company does not consider them to be DFR assets. Additionally, the investors in the CIP CDOs have no recourse to the general credit of DFR for the debt issued by the CIP CDOs. The Company therefore does not consider this debt to be an obligation of DFR. When reviewing and analyzing the financial results, management excludes the impact of the Consolidated Investment Products segment as this segment does not have any economic impact on the Company's operations. The following summarizes the segment results of operations and "DFR Operations" represents the combined results of the Investment Management and Principal Investing Segment:
DEERFIELD CAPITAL CORP. AND ITS SUBSIDIARIES
SEGMENT CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended June 30, 2010
--------------------------------
Investment Principal
Management Investing DFR
Segment Segment
(1) (1) Operations
-------- -------- ----------
(In thousands)
--------------
Revenues
Interest income $208 $8,817 $9,025
Interest expense 1,025 1,595 2,620
----- ----- -----
Net interest
income (817) 7,222 6,405
Provision for loan
losses - 291 291
--- --- ---
Net interest
income (expense)
after
provision for loan
losses (817) 6,931 6,114
Investment
advisory fees 7,045 - 7,045
----- --- -----
Total net revenues 6,228 6,931 13,159
----- ----- ------
Expenses
Compensation and
benefits 3,077 - 3,077
Professional
services 190 1,690 1,880
Insurance expense 93 608 701
Other general and
administrative
expenses 488 899 1,387
Depreciation and
amortization 3,025 - 3,025
Occupancy 386 - 386
Investment
advisory fees - - -
--- --- ---
Total expenses 7,259 3,197 10,456
----- ----- ------
Other Income
(Expense) and
Gain (Loss)
Net gain (loss) on
investments,
loans,
derivatives and
liabilities (954) 2,294 1,340
Strategic
transactions
expenses (820) (1,738) (2,558)
Net gain on the
discharge of the
Senior Notes 17,418 - 17,418
Other, net 13 (1,215) (1,202)
Net other income
(expense) and
gain (loss) 15,657 (659) 14,998
------ ---- ------
Income (loss)
before income tax
expense 14,626 3,075 17,701
Income tax expense 2 - 2
--- --- ---
Net income (loss) 14,624 3,075 17,699
Net loss
attributable to
noncontrolling
interest and
Consolidated
Investment
Products - 158 158
Net income
attributable to
Deerfield Capital
Corp. $14,624 $3,233 $17,857
======= ====== =======
Reconciliation of
net income (loss)
and core
earnings:
Net income (loss) $14,624 $3,075 $17,699
Adjusting items:
Provision for loan
losses - 291 291
Depreciation and
amortization 3,025 - 3,025
Net other income
(expense) and
gain (loss) (2) (15,657) 1,104 (14,553)
Income tax expense 2 - 2
Noncontrolling
interest and
Consolidated
Investment
Products core
earnings - (59) (59)
Core Earnings $1,994 $4,411 $6,405
====== ====== ======
Three months ended June 30, 2010
--------------------------------
Consolidated
Investment GAAP
Products Consolidated
Segment Elimination DFR
------- ----------- ---
(In thousands)
--------------
Revenues
Interest income $28,423 $(265) $37,183
Interest
expense 5,917 (265) 8,272
----- ---- -----
Net interest
income 22,506 - 28,911
Provision for
loan losses - - 291
--- --- ---
Net interest
income
(expense)
after
provision for
loan losses 22,506 - 28,620
Investment
advisory fees - (3,263) 3,782
--- ------ -----
Total net
revenues 22,506 (3,263) 32,402
------ ------ ------
Expenses
Compensation
and benefits - - 3,077
Professional
services 216 - 2,096
Insurance
expense 51 - 752
Other general
and
administrative
expenses 306 - 1,693
Depreciation
and
amortization - - 3,025
Occupancy - - 386
Investment
advisory fees 3,263 (3,263) -
----- ------ ---
Total expenses 3,836 (3,263) 11,029
----- ------ ------
Other Income
(Expense) and
Gain (Loss)
Net gain (loss)
on
investments,
loans,
derivatives
and
liabilities (29,265) - (27,925)
Strategic
transactions
expenses - - (2,558)
Net gain on the
discharge of
the Senior
Notes - - 17,418
Other, net 282 - (920)
Net other
income
(expense) and
gain (loss) (28,983) - (13,985)
------- --- -------
Income (loss)
before income
tax expense (10,313) - 7,388
Income tax
expense - - 2
--- --- ---
Net income
(loss) (10,313) - 7,386
Net loss
attributable
to
noncontrolling
interest and
Consolidated
Investment
Products 10,313 - 10,471
Net income
attributable
to Deerfield
Capital Corp. $- $- $17,857
=== === =======
Reconciliation
of net income
(loss) and
core earnings:
Net income
(loss) $(10,313) $- $7,386
Adjusting
items:
Provision for
loan losses - - 291
Depreciation
and
amortization - - 3,025
Net other
income
(expense) and
gain (loss)
(2) 28,983 - 14,430
Income tax
expense - - 2
Noncontrolling
interest and
Consolidated
Investment
Products core
earnings (18,670) - (18,729)
Core Earnings $- $- $6,405
=== === ======
Excludes the $0.6 million of intercompany investment advisory fees
revenues for the Investment Management segment and corresponding
intercompany management and incentive fee expense for the Principal
Investing segment related to the management agreement between the
(1) two segments.
The core earnings adjustment for net other income (expense) and gain
(loss) for the three months ended June 30, 2010 includes $0.4
million in strategic transactions expenses related to the three
months ended March 31, 2010, which should have been included as an
adjustment to core earnings in that period. Additionally, core
earnings for the three months ended March 31, 2010 exclude $0.4
million of loss on investments at fair value that should have been
(2) an adjustment to core earnings in that period.
DEERFIELD CAPITAL CORP. AND ITS SUBSIDIARIES
INVESTMENT ADVISORY FEES AND INTEREST INCOME AND EXPENSE
The following table summarizes the Company's investment advisory fees and interest income and expense from DFR Operations:
Three months ended
------------------
June 30, March 31, June 30,
2010 2010 2009
--------- ---------- ---------
(In thousands)
--------------
CDO management fees:
Senior fees $2,832 $2,815 $2,892
Subordinated fees 2,331 1,423 525
Performance fees 1,687 2,068 245
----- ----- ---
Total CDO management fees 6,850 6,306 3,662
Separately managed accounts
and other
Other investment vehicle 195 196 347
Fixed income arbitrage
investment funds - - -
Total investment advisory fees $7,045 $6,502 $4,009
====== ====== ======
Interest Income:
RMBS $2,670 $1,356 $4,220
Assets held in DFR MM CLO 5,829 5,533 6,226
Assets held in DPLC 112 241 35
Assets held in Market Square
CLO - - 3,003
Other investments 414 145 614
--- --- ---
Total interest income $9,025 $7,275 $14,098
====== ====== =======
Interest Expense:
Recourse:
Repurchase agreements and
other short term debt $232 $253 $605
Subordinated debt and
securities 542 926 1,382
Convertible notes 188 - -
Series A and Series B notes 1,025 1,213 1,311
----- ----- -----
Total recourse interest
expense 1,987 2,392 3,298
----- ----- -----
Non-Recourse
DFR MM CLO 633 606 1,131
Wachovia Facility - - 32
Market Square CLO - - 1,205
--- --- -----
Total non-recourse interest
expense 633 606 2,368
--- --- -----
Total interest expense $2,620 $2,998 $5,666
====== ====== ======
DEERFIELD CAPITAL CORP. AND ITS SUBSIDIARIES
AUM AND INVESTMENT PORTFOLIO
The following table summarizes AUM for each product category:
July 1, 2010
------------
Number
of
Accounts AUM
-------- ---
(In
thousands)
-----------
CDOs (1)
:
CLOs 16 $5,582,085
Asset-
backed
securities 11 3,605,426
Corporate
bonds 4 602,830
--- -------
Total
CDOs 31 9,790,341
Separately
managed
accounts
(2) 6 320,666
Other
investment
vehicle
(3) 1 5,997
Total
AUM (4) $10,117,004
===========
April 1, 2010
-------------
Number
of
Accounts AUM
-------- ---
(In
thousands)
-----------
CDOs (1)
:
CLOs 12 $3,917,215
Asset-
backed
securities 12 3,903,266
Corporate
bonds 4 722,431
--- -------
Total
CDOs 28 8,542,912
Separately
managed
accounts
(2) 6 320,568
Other
investment
vehicle
(3) 1 10,110
Total
AUM (4) $8,873,590
==========
July 1, 2009
------------
Number
of
Accounts AUM
-------- ---
(In
thousands)
-----------
CDOs (1)
:
CLOs 12 $4,098,226
Asset-
backed
securities 12 4,561,067
Corporate
bonds 4 855,050
--- -------
Total
CDOs 28 9,514,343
Separately
managed
accounts
(2) 6 322,928
Other
investment
vehicle
(3) 1 22,106
Total
AUM (4) $9,859,377
==========
CDO AUM numbers generally reflect the aggregate principal or
notional balance of the collateral and, in some cases, the cash
balance held by the CDOs and are as of the date of the last trustee
report received for each CDO prior to July 1, 2010, April 1, 2010
and July 1, 2009, respectively. The AUM for the Euro-denominated
CDOs has been converted into U.S. dollars using the spot rate of
(1) exchange as of the respective AUM date.
AUM for certain of the separately managed accounts is a multiple of
the capital actually invested in such account. Management fees for
(2) these accounts are paid on this higher AUM amount.
(3) Other investment vehicle AUM includes the AUM of DPLC.
Included in Total AUM for July 1, 2010 is $275.6 million related to
DFR MM CLO. Included in Total AUM for April 1, 2010 is $279.7
million related to DFR MM CLO. Included in Total AUM for July 1,
2009 is $289.8 million related to DFR MM CLO. The Company manages
DFR MM CLO but is not contractually entitled to receive any
management fees so long as all of the equity is held by Deerfield
(4) Capital LLC or an affiliate thereof.
The following table summarizes the principal investing portfolio:
June 30, 2010
-------------
% of
Carrying Total
Principal
Investments Value Investments
------------ ----- -----------
(In
thousands)
-----------
RMBS $305,780 50.5%
Corporate Loans:
Loans held in DFR MM
CLO 272,093 44.9%
Loans held in
Wachovia Facility - 0.0%
Other corporate
leveraged loans 109 0.0%
Loans held in DPLC 3,598 0.6%
Commercial real
estate loans 9,489 1.6%
Corporate bonds held
in DFR MM CLO 5,951 1.0%
Equity securities 1,412 0.2%
Other investments
(1) 7,057 1.2%
-----
Total Investments 605,489 100.0%
=====
Allowance for loan
losses (13,055)
-------
Net Investments $592,434
========
March 31, 2010
--------------
% of
Carrying Total
Principal
Investments Value Investments
------------ ----- -----------
(In
thousands)
-----------
RMBS $303,258 51.0%
Corporate Loans:
Loans held in DFR MM
CLO 267,156 45.0%
Loans held in
Wachovia Facility - 0.0%
Other corporate
leveraged loans 517 0.1%
Loans held in DPLC 5,265 0.9%
Commercial real
estate loans 9,453 1.6%
Corporate bonds held
in DFR MM CLO - 0.0%
Equity securities 1,345 0.2%
Other investments
(1) 7,234 1.2%
-----
Total Investments 594,228 100.0%
=====
Allowance for loan
losses (12,764)
-------
Net Investments $581,464
========
June 30, 2009
-------------
% of
Carrying Total
Principal
Investments Value Investments
------------ ----- -----------
(In
thousands)
-----------
RMBS $311,154 48.5%
Corporate Loans:
Loans held in DFR MM
CLO 299,751 46.7%
Loans held in
Wachovia Facility 1,251 0.2%
Other corporate
leveraged loans 8,112 1.3%
Loans held in DPLC 6,841 1.1%
Commercial real
estate loans 9,270 1.4%
Corporate bonds held
in DFR MM CLO - 0.0%
Equity securities 4,780 0.7%
Other investments
(1) 315 0.1%
---
Total Investments 641,474 100.0%
=====
Allowance for loan
losses (28,589)
-------
Net Investments $612,885
========
As of June 30, 2010 and March 31, 2010, other investments include
$2.7 million of investments in the CIP CDOs that are eliminated
(1) upon consolidation.
SOURCE Deerfield Capital Corp.
Next Article: Anchor Funding Services, Inc. Reports Second Quarter and Six Months Fiscal 2010 Results
For more iinformation, go to www.prnewswire.com
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